121st Maine Legislature
		Office of Fiscal and Program Review
		LD 583
		An Act To Amend the Laws Governing the Deduction of Pensions, Retirement Benefits and Other Income from State Income Tax
		LR0251(02)
		Fiscal Note for Bill as Amended by Committee Amendment " "
		Committee: Taxation
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings)
	General Fund		$12,365,406	$14,284,289	$16,167,753	$17,118,341
Appropriations/Allocations
	General Fund		$28,406	$49,289	$51,753	$54,341
Revenue
	General Fund		($12,337,000)	($14,235,000)	($16,116,000)	($17,064,000)
	Other Special Revenue Funds		($663,000)	($765,000)	($884,000)	($936,000)
Fiscal Detail and Notes
	The revenue amounts above reflect the loss of income tax revenue that results from increasing the maximum allowable deduction for pension income.  The Other Special Revenue shown is the reduction in money transferred to the Local Government Fund for state-municipal revenue sharing attributable to the lower tax collections.  The amended bill also expands a sales and use tax exemption to certain nonprofit organizations.  The decrease in sales and use tax collections is expected to be minor.
	This bill includes a General Fund appropriation of $28,406 in fiscal year 2003-04 and $49,289 in fiscal year 2004-05 for Maine Revenue Services for the administrative costs associated with the increase in the pension deduction.